I fear that this design will in many cases lead to a "trial and error" approach from the user to get the grips with your version of the control.
Ok, when comparing the two above it's easy enough to draw the conclusion that it's the middle option that is the selected one in both cases. But I would say that it's because you unconsciously project the same affordance pattern that's in the original plugin to your solution. And thereby you're aided in understanding how to interact with your solution.
I would think that your solution on its own would leave many users clueless of what the current settings actually are. The visual presentation could just as well mean that you're specifying a range rather than a specific value. In addition to this it's not clear that there are more values outside the displayed range, something that the original plugin conveys with its graded transparency of the outer values.
You should look for some additional way to communicate to the user which option is selected in the control and that more values are currently hidden outside the displayed range. And this is, to my experience, best communicated by fading the values that are next to the selected one.